"There are six different types of social media: collaborative (Wikipedia), blogs and microblogs (Twitter), content communities (YouTube), Social Networking sites (Facebook), virtual game worlds (World of Warcraft), and virtual social worlds (Second Life).
Technologies include blogs, picture-sharing, vlogs, wall-postings, email, instant messaging, music sharing, crowdsourcing, and voice over IP, to name a few. Many of these social media services can be integrated via social network aggregation platforms."
Social television relies on the above-mentioned relationships to rebuild TV audiences and it appears that the reconstruction is working. Finally, social equity via social TV - for the people.
As life moves forward with social networking, posting, chatting, friending, gaming and sports, which is a very social activity, television manufacturers and the entertainment industry will jump on the social TV bandwagon bringing innovation and competition to the scene and we, the people, will hopefully be the winners this time around.
Where watching television becomes
a two-way form of communication rather than where it is now, one-way with television producers and advertisers deciding what, when and how we watch TV.
already appears boys broad buzzword cable cancelling circles connecting consumers course days definitely different digital everyone executives experts form future huge interactions marketing media motorola networks occurred others people platforms political power referring related shift social spacenet subscriptions support talking technologies television term tie together tv used viewers working
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The global social TV market is already a multi-billion dollar industry, with TV giants betting big money on second screen viewing, but the market is set for double-digit growth in the the next five years, according to a report by market research firm MarketsandMarkets. The research firm expects the market to grow from $151.14 billion this year, to $256.44 billion by 2017 — an estimated CAGR of 11.2 percent from 2012 to 2017.
“The future for the television is social through integration of social interaction on the television. Broadcasters are developing and enriching social TV integration; they are targeting the tune-in customer, engagement and their loyalty to boost the rating and they are also discovering the social TV challenge,” the report notes.
Currently Europe grabs the largest slice of social TV market revenue. MarketsandMarkets calculates the region will take $55.48 billion this year, and expects Europe’s portion to grow to $77.74 billion by 2017 — at a CAGR of 7 percent, slightly below the overall market growth rate.
As well as social TV startups attracting big investment from established media and tech industry players, the space is seeing lots of tie-ups between broadcasters and social networking players such as Twitter and Facebook.
“There exists a diversity of players in the Social TV ecosystem, as the industry is open to experiments and is witnessing many a tie-ups between broadcasters and social networking companies.
While some broadcasters are amalgamating Social TV within their own platforms; there are many, who are integrating Twitter into their Social TV platforms for enhanced custom experience and participation. Industry players such as BBC and CNN, on the other hand have signed deals with social networking players such as Facebook, as social networking companies are aggressively trying to venture into this space,” the report notes.
“Social is truly emerging as a coalition
of television and social media, wherein newer formats are being developed to enhance viewer engagement and encourage paid
transactions. Many media and tech companies such as Hearst, Time Warner, BSkyB, and Google are backing several Social TV startups,
with huge investments,” it adds.
Viewers' growing tendencies to talk about TV in social media and interact on a second screen as they watch presents big opportunities for networks and marketers -- but there are two big issues that need to be dealt with first. Various social-TV metrics can turn up inconsistent results. And the true interaction between social TV and ratings remains a subject of hot debate.
Mr Silverman: Social TV is an incredibly powerful force, but measurement is in its infancy. We are currently looking for ways to gather more meaningful data and context. At A&E we use data points from Trendrr, Social Guide and Bluefin, but there are inconsistencies in the data.
The industry is fixated on a causal relationship between social-media buzz and linear ratings, but a causal relationship hasn't been proven yet. The distinction needs to be made between causality and correlation. A lot more research needs to be done. The most cited survey from NM Incite and Nielsen, which says that a 9% increase in buzz volume a few weeks prior to a show's premiere correlates to a 1% ratings increase among viewers 18-34, didn't even use Twitter data. There is so much potential if we move to more mature metrics and agree on a measurement set.
Ad Age: What's the most exciting advancement in social TV to date?
Mr. Silverman: The most exciting thing in social TV right now is social-programming guides that leverage social data to recommend content. With these apps, social data becomes empirical and not just supportive. The rollout of Zeebox is a move in the industry of allowing viewers to interact beyond just checking into shows and saying they are watching it.
Ad Age: Where does Facebook fit in all of this?
Mr. Silverman: Facebook is the elephant
in the room. It has tremendous potential to provide networks and media buyers context, rankings and aggregate data. Currently,
there's no great way to measure and monitor the volume of conversations on that platform. Twitter data is primarily public.
I'm not suggesting Facebook should make its data public, but they could anonymously aggregate it in a way that shows the number
of people talking about a certain show and compare it to other networks. This would allow us to present it to media buyers
and monetize social chatter.
Social TV is going to change the way we interact with everything. If you don’t think it’s coming, you're going to be in for a bumpy ride.
Contrary to popular opinion, NBC's Senior VP of Digital Jesse Redniss stated "GoogleTV is not social TV." He put YouTube in the same category as in his opinion they are mostly ways to highlight videos and consume content.
So what is social TV?
A heavy-hitting panel was put together to discuss the future of social TV and the second screen at Social Media Week in New York. They included:
The panel agreed that real convergence was where we needed to head. If you as an advertiser want to get to the next level, social TV is the place you should be doing it. As consumers will expect greater levels of engagement, you'll start to see more programming that has the ability for that.Unsurprisingly, metrics was one of the first areas discussed. How will we measure success? Reed was very clear about what advertisers are looking for.
For American Express, Paskalis thinks there are three things you need to look for.
Ew.com's managing editor, Bill Gannon, was very open about the value of experimentation:
So what are the companies on the panel using? As Facebook has Open Graph, it is being put into everything NBC builds. So it's always there. They always think of how to leverage and build with Facebook as it complements the viewing experience instead of merely being another platform for viewing.
Paskalis likens Facebook to a pipe. "Facebook is the distribution system. The water is the content, the editorial is the content."
The panel finished with a few words of advice for all those looking to social TV:
Bill Gannon, Managing Editor, EW.com
Jesse Redniss, Senior VP of Digital, USA Networks/ NBC Universal
Shenan Reed, CMO, Morpheus Media
Brad Pelo, CEO, i.tv
Lou Paskalis, VP, Global Media Content Development & Sponsorship